BitcoinGuru

Warning! Touch of 215-223 Area for a 4th Time can trigger Doom

Short
BITFINEX:BTCUSD   Bitcoin
As you see on this chart (zoom out necessary), Bitcoin has a repetitive history with triple bottoms which entails a 4th touch of death when it touches a 4th time. This happened at least 5 times in the past (see squares and red ribbon). Chances that this happens again now are extremely high. Any weakness below 223-215 will reactivate this doom scenario with a washout ranging between $100 to $150 drops.

4th touch of the purple trend line - drop targets:
1st target: $180-191 area
2nd target - June 2015: $123-108 per bitcoin (best area to buy in - highly likely to be reached)
Further drop $68-$75

Theory:
I believe mass consumer adoption in Bitcoin will only happen at 2-digits around $68 to $100 area. Also although we are seeing lots of money/investments coming into Bitcoin startups and firms like Coinbase, Circle; the chances are that those millions of USD will in little part be invested in the infrastructure to get a consumer friendly product that will attract more users to Bitcoin and a small amount will be invested on buying Bitcoin at the current 3-digits prices. But definitely Wallstreeters and the millions in investment will only be reserved for the 2-digits. The question remains, why buy bitcoin at 3 digits while you can get them cheaper at 2 digits?

Join my Crypto trading signals and community:

🤝 Free Community on Discord: discord.gg/hgHtyrZnKg

🔗 X: twitter.com/BitcoinGuruHQ

📽 YouTube: www.youtube.com/channel/UCLefQPP8cAuvyIZD0t0gtbg
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.